Translation:It is a new refrigerator.
It's just like in English- you can have the adjective after in a sentence (That TV is new) [called a predicate adjective], and it can go right before the modified noun (It's a new TV)
Note that Japanese has different rules for attaching adjectives to nouns: -い adjectives go right before a noun (あたらしいテレビ - new TV), -な adjectives take a , な between the noun and the adjective (かんたんなほん-easy book), and nouns take の between both nouns (日本語のえいが- japanese language movie)
Many Japanese words were created with Kanji during the time of Meiji Restoration（明治維新・めいじいしん）in 19th century, like revolution（革命・かくめい）, democracy（民主・みんしゅ）, economics（経済・けいざい）, and so on. I think れいぞうこ is one of the examples created lately with Kanji. Besides, many of these words imported into Chinese and became very common daily words.
I saw this linked on another question, and it explains what you want pretty thoroughly: http://www.japaneseprofessor.com/lessons/beginning/demonstratives-the-ko-so-a-do-series/